Evommune files for NYSE IPO
Evommune filed for a US$100m NYSE IPO on Thursday afternoon to help fund advanced trials for its two promising treatments for autoimmune diseases.
Despite the ongoing US government shutdown, the filing puts the Phase II biotech on track to go public in early November.
Morgan Stanley, Leerink Partners, Evercore and Cantor are joint bookrunners on the all-primary offering.
The biotech was co-founded by Luis Pena and Eugene Bauer in 2020, soon after they sold a predecessor company called Dermia to Eli Lilly for US$1.1bn in cash.
Like Dermia, Evommune is focused on chronic skin conditions caused by autoimmune diseases such as eczema and hives, as well as other chronic immune system conditions such as ulcerative colitis.
The lead drug is about to begin separate Phase IIb trials in patients with eczema and chronic hives. Results from both trials are expected in H2 2026.
Evommune is testing a second drug in a Phase IIa trial in eczema, followed by a separate Phase II trial in ulcerative colitis beginning next year.
The IPO proceeds would add to US$86.8m of cash held as of June 30, including the remaining funds from a US$115m Series C round in October 2024.
RA Capital led the Series C round with a US$30m commitment as a new investor, giving it a significant 10.7% equity stake.
The Cambridge-based VC is Evommune’s third-largest shareholder behind early backers Pivotal bioVentures and European life science investor LSP 7, each owning 16.3% pre-IPO stakes.